rangnath.kulkarni (nil) 15 December 2021

CHS desirous of selling land and structures on it.

In Mumbai is it possible as per law for CHS to sell whole asset as all members are willing? If yes,what is safe way to close deal ,either by accepting entire price by members and devide it as per entitlement depending on area of their individual flat or take token money and enter into agreement to sale. Will MOU be required.How the society be de registered by Registrar.

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Quick Summary

This discussion addresses whether a Co-operative Housing Society (CHS) in Mumbai can legally sell its entire land and structures if all members agree. It explores safe methods for closing such a deal, including direct member payout or using a token advance and sale agreement. The process of de-registering the society with the Registrar is also touched upon, referencing relevant sections of the Maharashtra Co-operative Societies Act, 1960, and the Ownership Flats Act, 1963.

2 Replies

Kawmini Liyanage 19 December 2021

Greetings!

Co-operate Housing Schemes especially come under the Maharashtra Co-operative Societies Act 1960 ,by-laws and Ownership Flats Act of 1963. According to the by laws set out relating to Transfer of Shares and Interest in the Capital/Property of the Society Section 38,39 & 40 applies in this regard.

Regards,

Kawmini Liyanage.

Dipro Hajra 20 December 2021

In response to the query,

Co-operate Housing comes under Maharashtra Cooperative SocietiesAct 1960 , by-laws and Ownership of Flats Act 1963 section 35, 36, 37, 38, 39 , 40 are important in this regard